Will Bitcoin Tumble After the SEC Approval of Bitcoin Backed ETF?

According to the research teams at Dow Jones Market Data, Last week’s crypto statistics were good for bitcoin and Ethereum. BTCUSD by bitcoin showed a 1.92% rise. This is a massive jump of about 12.7% compared to last week as of Friday. Since February, the crypto has demonstrated a 33.5% rise on Wednesday, giving it the best seven-day performance. 

Ethereum ETHUSD has risen by 0.41%, with a record gain of 9.7% by Friday. However, DOGEUSD, which closes with a 2.13% fall, has a weekly increase of 13% over last week.

Biggest gainers of the week are SHIBA INU (262.53%), Fantom (73.99%), Axie Infinity (43.47%), Harmony (42.5%), Arweave (38.46%). The great decliners of the week were eCash (-10.05%), Huobi Token (-9.07%), Avalanche (-6.96%), Amp (-6.17%), and dYdX (-5.71%).

Bitcoin did great in the fourth quarter of 2020 last year. As per CoinDesk data, they rose to $28,980 from $10,780. This October was also a good start for bitcoin. The currency has reached upto $55,000, which is the highest since May. 

Experts suggested that the expectation that the SEC will approve the first-ever bitcoin futures exchange trade funds in the coming week has resulted in such a significant jump in the cryptocurrency. 

The liquidation of leveraged short positions has also helped in the bitcoin’s high price rally. However, experts are divided on whether or not it will maintain its position in the coming days. While some are expecting a good trend similar to that was observed last year in 2020, others say that with the launch of ATH by bitcoin, the gaining streak might break. 

Only time will tell whether the currency will bloom or perish. MarketWatch will keep you updated.